The new week started with a small retracement of the upswing that happened during the last days of the previous week. The price tested the 38.2 Fibonacci level again at the end of the American session, and the bounce looked positive as candles drew two long lower wicks exactly on this support. As it is often said, if the market tries something twice and fails, it usually goes the opposite way. If this will hold true, it will mean a strong continuation of the bullish retracement that stopped recently on the 50% resistance.
EUR/USD Hourly Chart" title="EUR/USD Hourly Chart" height="355" width="854">
Tuesday starts on relatively high levels indicating the willingness to attack the recent highs below the 50% Fibonacci. The bullish breakout on this level would be very interesting as it would help to draw the inverted head and shoulder formation which would give a buy signal.
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EUR/USD Stuck Between 38.2 And 50% Retracements
Published 11/26/2013, 05:30 AM
Updated 01/31/2022, 02:45 AM
EUR/USD Stuck Between 38.2 And 50% Retracements
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